Section 11-614 – Order to Stop Operations
(a) If the Commissioner finds that the conduct of any other business conceals a violation or evasion of this subtitle or any rule or regulation adopted under this subtitle, or any law regulating mortgage lending or mortgage origination in the State, the Commissioner may issue a written order to a licensee to stop doing business: (1) At […]
Section 11-615 – Violations; Penalties
(a) Subject to the hearing provisions of § 11–616 of this subtitle, and except as provided in subsection (f) of this section, the Commissioner may suspend or revoke the license of any licensee if the licensee: (1) Makes any material misstatement in an application for a license; (2) Is convicted under the laws of the United States or […]
Section 11-616 – Hearings
(a) Before the Commissioner takes any action under § 11-614 or § 11-615 of this subtitle, the Commissioner shall give the licensee an opportunity for a hearing. (b) Notice of the hearing shall be given and the hearing shall be held in accordance with the Administrative Procedure Act. (c) The hearing notice to the licensee shall be sent […]
Section 11-617 – Criminal Sanctions for Willful Violations
Any person who willfully violates the provisions of this subtitle is guilty of a felony and, on conviction, is subject to a fine not exceeding $25,000 or imprisonment not exceeding 5 years or both.
Section 11-618 – Mortgage Lender Not Relieved of Responsibility by Employment of Mortgage Originator
The employment of a mortgage loan originator licensed under this subtitle by a mortgage lender does not relieve the mortgage lender of a responsibility under this subtitle or under Subtitle 5 of this title, a rule or regulation adopted under this subtitle or under Subtitle 5 of this title, or a law governing mortgage lending […]
Section 11-619 – Surety Bond
(a) Each mortgage loan originator shall be covered by a surety bond in accordance with this section. (b) (1) A mortgage loan originator who is an employee of a person subject to licensure under Subtitle 5 of this title may use the surety bond of that person to meet the mortgage loan originator’s surety bond requirement. (2) A mortgage […]
Section 11-620 – Confidentiality of Information
(a) (1) Except as otherwise provided in 12 U.S.C. § 5111, the requirements under any federal law and Title 4, Subtitles 1 through 5 of the General Provisions Article regarding the privacy or confidentiality of information or material provided to the Nationwide Mortgage Licensing System and Registry, and any privilege arising under federal or state law, including […]
Section 11-607 – Investigation and Approval
(a) When an applicant for a license files the application and pays the fees required by § 11–604 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 11–605 of this subtitle. (b) The Commissioner shall issue a license to an applicant who meets the requirements of § […]
Section 11-621 – Registration of Employees of Nonfederally Insured Credit Unions
Nonfederally insured credit unions that employ mortgage loan originators shall register these employees with the Nationwide Mortgage Licensing System and Registry by providing the information concerning the employees’ identity set forth in 12 U.S.C. § 5106(a)(2).
Section 11-608 – Denial of Application
(a) If the Commissioner denies an application, the Commissioner: (1) Within 10 days, shall notify the applicant, in writing, of the denial; and (2) Shall keep the license fee and the investigation fee. (b) Within 30 days after the Commissioner denies an application, the Commissioner shall: (1) Issue a written decision containing the specific factual findings and conclusions of law […]